The pair has been forming minor support base on an earlier 3 days closing basis finds at 117.20 levels currently trading at 117.66 at Wednesday’s Asia’s session.
JOB OPENINGS AND LABOR TURNOVER- The number of job openings was little changed at 5.4 million on the last business day of November, the U.S. Bureau of Labor Statistics reported yesterday.
Upcoming events: traders eye tomorrow’s US unemployment claims.
“Generally, stability in global markets should bode well for the greenback as it creates a backdrop against which the Fed can more likely follow through on expectations for four more lending rate hikes this year,” said Omer Esiner, chief market analyst, at Commonwealth Foreign Exchange in Washington.
The year starts with the turmoil in China, safe –heaven crowns to YEN strengthens further. Bloomberg reported, “The currency is now the most overbought versus the dollar since 2011, according to an indicator of the yen’s future direction”.
The weekly support finds at 116.15 earlier weekly swing low and 100ma’s seems between 114.70and 114.15 levels in the weekly chart. Whereas, earlier support base finds at 115.50.
The pair shifted the pattern to higher low and higher high after seven straight sessions. In the hourly chart, swing support finds at 117.20 and earlier low finds at 116.68 levels.
Trading support finds at 116.60, 116.00 and 115.50
Resistance seems at 117.80, 118.20 and 118.80 levels
A daily close below 117.15 the downfall likely to extend towards to 116.15 and 115.50 levels.